Laramie Corporation has acquired a property that included both land and a building for​ $590,000. The corporation hired an appraiser who has determined that the market value of the land is​ $350,000 and that of the building is​ $470,000. At what amount should the corporation record the cost of the​ building?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...
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Laramie Corporation has acquired a property that included both land and a building for​ $590,000. The corporation hired an appraiser who has determined that the market value of the land is​ $350,000 and that of the building is​ $470,000. At what amount should the corporation record the cost of the​ building? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)

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